Tether and WAX co-founder William Quigley stated that the approval of Bitcoin and Ethereum spot ETFs in the United States is expected to boost the cryptocurrency ETF market.
Quigley predicts that Wall Street’s pursuit of profits will lead to a surge in ETFs for other leading cryptocurrencies, such as Solana and Cardano. He points out that the “greedy” institutional investors guarantee the creation of new products as long as they are successful.
The approval of the Bitcoin spot ETF by the SEC has generated significant interest and investment inflows by integrating cryptocurrencies into major financial markets. These ETFs allow investors to gain exposure to assets without directly owning them, making them easier to access and regulate as investment tools.
After the success of a BTC ETF, there is great anticipation for an ETH ETF, as they have initially received approval from the exchange-traded fund and are expected to begin trading at the end of May once their S-1 registration statement is accepted.
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However, Quigley expresses mixed feelings about the increasing involvement of traditional finance in the cryptocurrency space. He acknowledges that while Wall Street’s participation brings in much-needed capital for market development, it also brings risks, especially if institutional investors withdraw during market downturns.
Despite these concerns, Quigley believes that the excitement surrounding ETFs will eventually lead to a significant increase in Bitcoin prices, although he implies that it may not be the right time for an increase yet.
